Another Obama Green Energy Company Fails … Ener1 Received $118.5 Million Stimulus Grant Files for Bankruptcy

 

Another One Bites the Dust …

Ener1 received a $118.5 million stimulus grant and was supposed to double its production capacity and create 1,700 jobs, instead it is filing for bankruptcy. The company was supposed to made batteries for electric cars. A funny thing happened on the way to the Obama hand picked business winners and losers, free market capitalism … there is no market or demand for this product. Didn’t Barack Obama in this years SOTU just say he was going to continue to fund the car battery industry with government money and not cede it to China? Oops. Yet more tax payer dollars wasted.

Add another to the Obama back failed green energy companies

An Indiana-based energy-storage company, whose subsidiary received a $118.5 million stimulus grant from the Energy Department, filed for bankruptcy Thursday.

Ener1 is asking a federal bankruptcy court in New York to approve a plan to restructure the company’s debt and infuse $81 million in equity funding.

“This was a difficult, but necessary, decision for our company,” Ener1 CEO Alex Sorokin said in a news release. “We are extremely pleased to have the strong support of our primary investors and lenders to substantially reduce the company’s debt.”

The VP had previously visited the Indiana company and touted it as a new chapter in American history for energy and business; however, the only chapter it turned out to be was Chapter 11.

Red State may have a point, another Obama hand picked company has met the reverse Midas touch of “The One”. Erick says, look out Master Lock, all who have stock in it may want to sell.

Add Ener1 to the list of other Obama tapped green energy companies that have been given stimulus money that have failed miserably. NRO has the present tally:  Solyndra, SunPower, BrightSource, and Tonopah Solar Energy. So far that is.



If you liked this post, you may also like these:

  • Obama White House Knew “Green” Electric Car Maker Fisker Automotive was Failing and Still Gave them More Tax Dollars
  • Fisker Automotive Who Received Government Loan Totaling $529 million Fires 75% of Workers
  • Abound Solar Inc, Another DOE Company Awarded a $400 Million US Loan Guarantee Ceases Operations & Files Bankruptcy
  • A123 Systems, An Electric Car Battery Company … Another Barack Obama Green Stimulus Company Failure
  • Bankrupt & Failed Obama Green Energy Agenda … Solyndra Building for Sale




  • Comments

    6 Responses to “Another Obama Green Energy Company Fails … Ener1 Received $118.5 Million Stimulus Grant Files for Bankruptcy”

    1. BBarnett on January 27th, 2012 9:11 am

      If they would of spent the money on the manufacturing plant instead of putting it in bammy’s campaign account it may of had a chance. I doubt it would of mattered though because people don’t want this green stuff shoved up their kazoo like this so called preisdent is trying to do.

    2. rightknight on January 27th, 2012 11:01 am

      ‘Redistribution’ of our wealth on to
      Friends of Obama and other so called
      ‘worthy’ recipients. Great! Votes just
      don’t grow on trees, somebody has to
      buy them. I say ‘Stimulate those Voters!’.

    3. SUPER DAVE on January 27th, 2012 3:08 pm

      rest assured that Obama made money from these failed companies. where do you think his campaign funds came from ?

    4. Moil on January 27th, 2012 6:27 pm

      Imagine that?! What would surprise me is learning of one that isn’t or hasn’t gone belly-up.

    5. Nateleon on February 8th, 2012 12:57 pm

      Manufacturing and research, this takes investment and dedication uncommon to the average 8-5er, just like green energy. If we want to be healthy, we are going to need either require instant success or tolorate time lingering employment failures as the green market has performed. We need to look within our own markets, with communitees to produce jobs from within. It seems to be foolish to point at the president for trying to succeed with our poorly managed corperate market structur. We need to do our part to help national efforts or take blame for these times and be judged as the worst generation, “bullies and cowards”. The abcence of adjacent enterprise, needed to support a young expanding industry, have fallen to massive layoffs also. The hiring motive within corperate (green energy markets) encourages the private workforce to provide their own training, time s/k/a’s for green energy requisite; without job security just as the old business model has operated. The outcome could be none other than what it is, rationally speaking. Lay-offs, marketing failure,Engineering/management reluctance within the work place, unfair employment plans, and reasonable job security. The employees within mass production at the lowest rates of pay,are the first to see the door, when management drops the ball, this whipping boy mentality has no place in our industries, anywhere, but it is a standard of failure. The management system can easily lay-off technicians once they have attained their knowledge, efforts, and advice within the operation. Then the manager can sacrifice the engineer/technician to a number of claims/causes for termination. The rational for the coduct is due to internal policy, therefore preserving status within the established persons within the organization unchallengable authorities within the industries recieving national funding with the intrest of the public contibution being redirected to satisfy the idealistic business model of operation. The constriction of the conservative business model will make green energy unrelieable and expensive due to the profit sharing model with exterior intrests, just as the model has proved within other markets. The innate impedance of our abilities to represent community needs, stands in the way of the micro-industrialist, tasked with evolving the new green industrial system. All of our tax efforts, R&D investments, and logistic alignment take time and coopereation within multiple communities to establish cost efficency, product reliance, and community directives. These markets should be grass-rooted within communities by the people who invested what was need to establish and produce from within our capable communities to the world’s communities without. Assisted aid of government funding is a must do to the unbalanced capital stature within our natio. The unbalanced capital weighs heavy on the production of communites and the micro-industrialist. I ask, how do we have a chance in regulating/developing a reliable market? When the consumer(green energy investor) faces a high cost for the product, even with incentive it is directed to cater to the PV Solar manufaturer. We need to make broader considerations to appeal to a world of change, our product must be ready for the elements natural and political, for the benefit of our future. Has anyone considered the waist management problem of the semi-conductive products that we are encouraged to market? How long can you consider a product with a limited life, toxic construction process and high cost; a green energy solution? It is a small green energy fix, not the solution within a much larger mission to recondition our envirionment. These are public concerns for water/waist from the used solar panel. How can we trust solar-manufacturs, vested in distant communitiesforeign lands to care about our local water table, and wildlife? It is our resposibility to protect ourselves. When will the darkside of PV Panels be addressed to the public? If they are privately managed matters, than I must not blame the president for the failure of the corperate engine. When it is the matter of private business organizations to deside when their product’s issues can be addressed to the people affected, there is another bully/coward situation needing to be addressed. The fuel that was requested, was provided to the low efficent operation of private business acting within a corperate model with the trust of the public behind them, they have failed not only their staff, but their community. When are we going to admit the corperate engine is out dated and needs replaced with real responsable people power?

    6. Fred on March 15th, 2012 7:49 am

      Nateleon, I like how you are trying to fool the readers with your BS. Just to let you know, most green energy produces as much or more toxic waste than burning that gallon of gas. Look into the production of solar panels for instance, how about the large quantity and replacement batteries for electric and some hybrid automobiles.
      There is no demand for a vehicle that costs the taxpayer $46,000.00 to produce and then charge a buyer $40,000.00. Also get back $7500.00 in tax refunds just to do so, which in turn all adds to the deficit. You can buy a Camry for $18,000.00 and not use $20,000.00 in gas for 10 years. With a car that you don’t have to plug-in, has more power and doesn’t make you take a loan out to repair it.
      Quickly, one more thing. This president has blown almost $6 trillion in less than four years and shown nothing for it. Our country is about to go bankrupt. If we don’t quit spending, there will be no more United States as you know it and your freedoms will be gone. Moreso than others, thanks to this president who’s more currupt than any we’ve ever seen. Don’t be fooled any longer.

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